Australia’s banks are ready to support the JobKeeper program to help as many Australian businesses and their employees as possible access the benefits while they wait for the scheme to make the first payments.
Businesses
may be able to use the upcoming JobKeeper program payment as a basis to seek
credit in order to pay their employees until the scheme is making its first
payments.
Australian
Banking Association CEO Anna Bligh said banks are working hard to make the JobKeeper
scheme a success and ensure millions of Australians remain in jobs.
“As many businesses face a number of weeks of little or no cashflow before they receive payments under the Government’s JobKeeper program, Australian banks may be able to help. “
ABA CEO Anna Bligh
“Banks
stand shoulder to shoulder with the Australian Government and businesses across
the country to help us emerge on the other side of this crisis strong and ready
to rebuild,” Ms Bligh said.
“As many
businesses face a number of weeks of little or no cashflow before they receive
payments under the Government’s JobKeeper program, Australian banks may be able
to help.
“Many
businesses may be eligible for credit, for example, an extension to their overdraft,
which can offer them cashflow to pay their staff, while they wait for the
JobKeeper program to make the first payments. Each business will be assessed on
a case by case basis to determine the assistance that may be appropriate to
their circumstances.
“Businesses
affected by the COVID-19 crisis should contact their bank to access these
initiatives and discuss what support is available to them including options to
defer loan repayments for up to six months.” she said.
